Was Bitcoin’s April Surge Speculative or Structural? CryptoQuant Offers Insights
Bitcoin's 12% April surge raises questions: Was it speculative or structural? Insights from CryptoQuant.
CryptoPotato1 min read
Bitcoin Set for Green Zone Entry? Analysts Identify Must-Watch Levels
TL;DR
Bitcoin rebounded from a February low of $60,000, gaining nearly 12% in April. Analysts suggest it may not drop below this level and are watching key price points for future movements.
Key points
- Bitcoin rebounded from February low of $60,000
- Gained almost 12% in April 2023
- Consolidation phase between $65,000 and $80,000
- Analysts identify key price levels for liquidation events
- Speculation on the start of a bull market
Bitcoin managed to rebound swiftly from the February low at $60,000, posting gains for two consecutive months. This prompted some analysts to speculate that the cycle’s low is already in and that BTC won’t go below $60,000.
Others were even more optimistic, suggesting that the real bull market might be close to commencing, while Ali Martinez outlined the most important levels for BTC going forward.
What to Look For
The monthly candle closure for April showed that bitcoin had charted its biggest 30-day increase in about a year, gaining almost 12%. Nevertheless, the broader scale still shows that the asset has been trapped within a consolidation phase between $65,000 and $80,000 for the past couple of months.
Ali Martinez said the market is seeing “significant clusters of orders building up,” making them the “most important levels to watch for larger-scale liquidation events.”
The overhead barrier is at $80,000, a level not seen since early February. It serves as the primary psychological and technical ceiling, and there’s a “massive wall of short-side liquidity” there. If BTC pushes through it, $84,000 is likely to be reached rapidly. If that resistance holds, as it has during the past couple of breakout attempts, bitcoin could find its way slipping to lower liquidity pools at $75,000, $73,000, or even $70,000.
“The market is currently in a tug-of-war phase. Watch these levels closely; a decisive daily close outside of this $75,000 – $80,000 range will likely define the trend for the rest of the month,” advised Martinez.
Meanwhile, fellow analyst CW said BTC is close to entering the rainbow’s green zone within 1-2 weeks, which would suggest the start of a ‘real bull market.’ They believe there hasn’t been a ‘real’ rally in this cycle, but it could be right around the corner.
It appears that $BTC will re-enter the green zone within 1-2 weeks.
Enter to a real bull market is very close.
The rally that follows is the real bull rally of this cycle. There has been no real rally in this cycle. pic.twitter.com/69reNt6oZ1
Q&A
What are the key price levels for Bitcoin to watch in the coming months?
Analysts are focusing on the consolidation range between $65,000 and $80,000 as significant levels for Bitcoin's future movements.
How much did Bitcoin gain in April 2023?
Bitcoin posted a gain of almost 12% in April 2023, marking its biggest monthly increase in about a year.
Will Bitcoin drop below $60,000 again?
Some analysts speculate that Bitcoin will not fall below $60,000 again, suggesting the cycle's low may already be in.
